The extensive use of new technologies and the internet makes it necessary to define standards that help fight online fraud.
Social KYC has always been a part of the risk management toolkit, but it has certain caveats. In certain industries it can be a lifesaver, however, it’s a resource-heavy procedure that used to be hard to scale, and constant changes on social media platforms cast doubt on its reliability.
In this webinar, we review the current state of Social KYC to resolve any doubts and questions with our own co-founder and COO, and experts in the field from Hooyu and IDverifact.
- The state of social KYC, currently based on email addresses and phone numbers.
- Different use cases from anti-fraud to credit scoring.
- Date enrichment via simple integration.
- Discussion on what are the top 5 reasons to use Social KYC and Digital Footprint Analysis.
- David Pope – Marketing Director for Hooyu
- George Colwell – Executive Producer & Business Architect at IDverifact
The host was our very own co-founder and COO, Bence Jendruszak.
Key Answers From the Q&A
With privacy regulations kicking in more and more plenty of users are closing their social media accounts. How do you think a false positive can be avoided? What will happen in 5 years if more and more people abandon social media?
“For the first time the other day, I saw a friend’s Facebook post that said: I’m not on here, I might be checking from time to time. You know what that’s ok. The only constant is change, so if in 5 years’ time SEON says this is where the market is going, this is the best practice in terms of proving an identity, that’s ok. We’ll all just have to adapt and embrace that. Personally, I believe the reusable digital identity model will have gained more traction by then. We’ll be in a very different place by then.” – David
“I get it from a privacy point of view. I think from the social network point of view they’re going to go more towards validated profiles. If you look now at Twitter, the real Donald Trump has a sticker that says he’s been validated by that platform. There might be imitators out there, but he’s the real one. I think you’re going to see that proliferate, particularly when you can use Facebook ID as a sign-on. There’s going to be a push to validate their identity from the Facebook side.” – George
Are we ever going to see a world where our social media profile is authenticated?
“From the toolset we’re using, the attributes are around age and profile. SEON’s doing a great job at providing confidence scores to confirm that it’s the right person and they have a good social footprint. I think leveraging all those attributes and putting them into a score is very important. You don’t just take one and say we’re done for social profile validation.” – George
What other passive ID verification methods can be used in conjunction with social media verification?
“My personal take is that there’s a range of things, from looking at user devices to IP addresses. Looking at historical user actions, whether they’re transacting multiple times or with out of the ordinary amounts, currency, credit card information… There are many things.” – Bence
“There are different kinds of technologies we can use, you have your passive and intrusive. For me, our clients want to do live detection and biometrics. It’s very important for them and the liveness process is easier to do these days. You used to have a number on a piece of paper and hold your finger on your nose, these days are gone. The one I like is stuff measuring how people use their keyboards, how fast they move the mouse. For me, that’s a massive mean of determining if it’s the same person we’ve seen before.” – David
“The passive stuff depends on the jurisdiction you’re in. In Canada, we have a provider who’s really good at getting us telco details, mobile phone owner, address information, geolocation from the cell towers they’re pinging to. Those are all great passive checks. There’s also really interesting stuff going on with Wifi networks. We can see if you were on the same network before, and we can see if the router’s been spoofed by looking at what other Wifi networks in your area were the last time you came in.” – George
Watch our webinar to learn 5 reasons to use social KYC and digital footprint analysis!
You might also be interested in reading about:
- SEON: How to Use KYC Tools for Fraud Detection & Prevention
- SEON: How Fraud Detection Software Supports AML (Anti Money Laundering)
- SEON: Fraudster Podcast: Anonymous T on Online Money Laundering
- SEON: Identity Proofing: What Is It & How Can It Prevent Fraud?
- SEON: Digital Footprint for Fraud Detection & Prevention
Learn more about:
See a live demo of our product
Bence is the co-founder and COO of SEON whose vision is to create a safer online environment for merchants in high risk verticals.